Financial Management in Public Administration

The purpose of the Master Academic Study Programme in FINANCIAL MANAGEMENT IN PUBLIC ADMINISTRATION is to educate students in the field of financial management in public administration at the master’s level, providing in-depth knowledge in the following areas: evaluation of intended investments and selection of financing sources in public administration; assessment of the effects of adopted decisions in public administration; analysis of financial statements and financial conditions in public administration; internal and external oversight of public administration; budgeting and control; management accounting in public administration; financial reporting in public administration; public administration accounting; project financing in public administration; management in public administration; e-government and public policy analysis.

The knowledge acquired through the study programme in FINANCIAL MANAGEMENT IN PUBLIC ADMINISTRATION enables students to master modern business concepts, methods, standards, information technologies, techniques, and skills necessary for competent resolution of key issues faced by public administration under contemporary conditions.

The purpose of the study programme is to equip students, on the basis of advanced methodological, theoretical, and applied knowledge, for carrying out complex analytical, project, and managerial activities in the fields of financial management, accounting, internal and external control and audit, performance management, budgeting and control, financial reporting, financial analysis, and project financing in public administration. All these issues are considered within the broader context of public policy analysis, public administration management, and e-government.

The purpose of the study programme is also to provide students with high-quality fundamental, theoretical-methodological, scientific-professional, and practically applicable knowledge for their further academic development and engagement in the educational and scientific process of doctoral studies, as well as to offer a solid foundation for effective and efficient involvement in solving real-world challenges faced by public administration in Serbia.

Financial Management in Public Administration

The objectives of the Master Academic Study Programme in FINANCIAL MANAGEMENT IN PUBLIC ADMINISTRATION are derived from the Faculty’s fundamental goals and tasks and are defined by the purpose of the study programme. The objectives of the study programme are to deepen students’ knowledge and develop their skills in accordance with contemporary achievements in the field of financial management in public administration, relating to:

  • Analysis of the financial environment of public administration organisations;
  • Financial management of planned investments, cost-benefit analysis of investment projects, and financing sources in public administration;
  • Short-term financial management in public administration;
  • Analysis of financial statements and financial conditions in public administration;
  • Internal and external oversight, as well as internal and external control and audit in public administration;
  • Principles, functions, and processes of budgeting, budget control, and performance management in public administration;
  • Regulatory framework and process of financial reporting in public administration;
  • Application of regulations and cash-based accounting in public administration;
  • Financing and improving the efficiency of project implementation in public administration;
  • Management approaches, stakeholder analysis, and identification of challenges for the success of public administration organisations;
  • Concepts, technologies, and models of e-government, as well as the application of e-government systems and services;
  • The process of public policy creation and evaluation, theories and models of public policies, and analysis of actors’ motives and expectations in the policy-making process;
  • Equipping students for independent and team work in solving various problems in public administration and preparing them for independent research work as a foundation for further academic and research activities within doctoral studies.
Financial Management in Public Administration

Students who complete the Master Academic Study Programme in FINANCIAL MANAGEMENT IN PUBLIC ADMINISTRATION will possess general competencies related to: analytical and synthetic thinking, planning and organising, problem-solving, management skills, the ability to work independently and in teams, communication skills, the ability to apply knowledge in practice, flexibility in adapting to new situations, project management, effective communication at national and international levels, and a systemic approach to risk management.

Students will also acquire subject-specific, professional competencies, which are further detailed within the learning outcomes described in the study programme of FINANCIAL MANAGEMENT IN PUBLIC ADMINISTRATION.

The programme builds upon knowledge acquired at the undergraduate level, enabling students to apply their skills and knowledge to solve specific problems in public administration organisations and to prepare for further academic and research work.

Through the FINANCIAL MANAGEMENT IN PUBLIC ADMINISTRATION study programme, students gain knowledge and academic skills that allow them to address concrete challenges in central government, local self-government, state audit offices, and inspectorates. They are trained to apply modern concepts of project financing and investment appraisal, analyse and select financing sources, conduct internal and external oversight, manage budgeting and control, carry out financial reporting, perform accounting, and analyse financial statements and financial conditions in public administration.

Financial Management in Public Administration

The Master Academic Study Programme in Financial Management in Public Administration includes all elements prescribed by law and the relevant general acts:

  1. Title and objectives of the study programme;
  2. Type of studies and expected learning outcomes;
  3. Professional and academic title;
  4. Admission requirements for the study programme;
  5. List of compulsory and elective study areas or courses with indicative content;
  6. Method of study delivery and required time for different forms of study;
  7. Credit value of each course expressed in accordance with the European Credit Transfer and Accumulation System (ECTS);
  8. Credit value of the Master’s thesis expressed in ECTS;
  9. Prerequisites for enrolment in specific courses or groups of courses;
  10. Procedure for selecting courses from other study programmes;
  11. Conditions for transferring from other study programmes within the same or related fields of study;
  12. Other matters relevant to the implementation of the study programme.

The content of the study programme, study regulations, students’ rights and obligations, as well as other matters relevant to the implementation of the study programme, will be published annually as a separate publication and made available in electronic form on the official website of the Faculty.

The Master Academic Study Programme in FINANCIAL MANAGEMENT IN PUBLIC ADMINISTRATION lasts for one year (2 semesters), carries a total of 60 ECTS credits, and belongs to the field of Social Sciences and Humanities, within the area of Economic Sciences.

The Master Academic Study Programme in FINANCIAL MANAGEMENT IN PUBLIC ADMINISTRATION awards the academic title MASTER OF ECONOMICS.

Admission requirements and other essential elements of the study programme and the study regime are defined by the Statute of the Faculty of Economics in Kragujevac, the Rulebook on Study Regulations of the Faculty, and the Rulebook on Student Admission to Study Programmes of the University of Kragujevac.

Teaching methods depend on the type of class and may include active teaching, independent student work, colloquia, examinations, research work, and the preparation of the Master’s thesis. Active teaching is carried out through lectures, exercises, consultations, and mentoring. Teaching is organised through continuous interaction between students, teachers, and associates. Lectures, exercises, and consultations are held weekly during the semester according to the established schedule.

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